Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Sterling Banks, Inc. - STBK
March 18 2010 - 1:29PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Sterling Banks, Inc. (“Sterling Banks” or the “Company”) (NasdaqCM:
STBK) for possible breaches of fiduciary duty and other violations
of state law in connection with their attempt to sell the Company
to Roma Financial Corporation ("Roma Financial") (NasdaqGS: ROMA).
Under the terms of the proposed transaction, Roma Financial will
acquire all of the outstanding shares of Sterling Banks for a total
purchase price of approximately $14.7 million in cash, or $2.52 per
share for each share of Sterling Banks common stock
outstanding.
The investigation concerns whether the Sterling Banks of
Directors breached their fiduciary duties to Sterling Banks
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Roma Financial is
underpaying for Sterling Banks shares, thus unlawfully harming
Sterling Banks stockholders. Sterling Banks has a book value of
$3.70 per share.
If you own common stock in Sterling Banks and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/stbk1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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